Company Valuation: H&R Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,687 3,220 2,592 2,432 2,686 2,509 - -
Change - -31.3% -19.48% -6.21% 10.47% -6.6% - -
Enterprise Value (EV) 1 4,687 7,283 6,393 6,035 2,686 4,754 4,673 3,819
Change - 55.39% -12.22% -5.6% -55.49% 76.98% -1.71% -18.28%
P/E 7.82x 4.19x 45.2x -21.7x -3.62x 14.4x 10.1x -
PBR - - - - - - - -
PEG - 0.1x -0.5x 0x -0x -0x 0.2x -
Capitalization / Revenue 4x 3.34x 2.6x 2.5x 2.74x 3.64x 3.35x -
EV / Revenue 4x 7.55x 6.41x 6.2x 2.74x 6.89x 6.23x -
EV / EBITDA 7.4x 12.1x 10.2x 9.91x 4.33x 11x 11.6x 11.9x
EV / EBIT - - - - - - - -
EV / FCF 11.6x - 25.2x 25.7x - -9.99x 161x -
FCF Yield 8.64% - 3.96% 3.89% - -10% 0.62% -
Dividend per Share 2 0.69 0.54 0.7 0.6 0.6 0.5967 0.5967 0.6
Rate of return 4.25% 4.46% 7.07% 6.47% 5.87% 6.29% 6.29% 6.33%
EPS 2 2.078 2.893 0.2189 -0.4277 -2.827 0.66 0.94 -
Distribution rate 33.2% 18.7% 320% -140% -21.2% 90.4% 63.5% -
Net sales 1 1,172 965 997.8 973.4 980.5 689.7 749.6 -
EBITDA 1 633.6 601.7 627 608.8 620.2 430.6 403.8 320.9
EBIT - - - - - - - -
Net income 1 597.9 844.8 61.69 -119.7 -791.6 132.4 268 -
Net Debt 1 - 4,063 3,801 3,604 - 2,245 2,164 1,310
Reference price 2 16.250 12.110 9.900 9.280 10.230 9.480 9.480 9.480
Nbr of stocks (in thousands) 288,440 265,885 261,868 262,016 262,566 264,637 - -
Announcement Date 2/14/22 A 2/13/23 A 2/13/24 A 2/12/25 A 2/12/26 A - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.36x6.89x11.04x6.29% 1.82B
23.09x13.33x15.56x5.38% 15.84B
7.88x13.39x17.29x6.68% 6.31B
22.1x13.98x15.68x4.36% 6.29B
11.65x14.19x15.13x5.48% 6.13B
9.42x16.33x19.68x8.52% 5.66B
9.53x14.28x15.32x7.28% 5.63B
8.08x13.51x17.34x6.16% 5.53B
12.25x11.13x12.74x5.65% 5.05B
Average 13.15x 13.00x 15.53x 6.2% 6.47B
Weighted average by Cap. 14.86x 13.51x 15.88x 6.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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